CA-BUSINESS Summary

Cyprus woes leave shares facing worst week since November

LONDON (Reuters) - European shares were heading for their worst week since November and safe-haven German government bonds were at 2013 highs on Friday, as Cyprus scrambled to avoid a meltdown of its banking system and a possible exit from the euro. The European Union has given Cyprus until Monday to raise the 5.8 billion euros needed to secure a 10 billion euro international lifeline.

China growing strongly, risks manageable : OECD report

BEIJING (Reuters) - China's economy should expand by 8.5 percent in 2013 and more in 2014, with inflation and export demand the biggest near term risks to growth that should average 8 percent in this decade at current rates of investment and reform, the OECD said on Friday. The Organisation for Economic Co-operation and Development (OECD) offered one of the most upbeat assessments of China's prospects of any of the major multilateral institutions in its new Economic Survey of China, which was unveiled in Beijing.

BP to return $8 billion to shareholders from TNK-BP sale

LONDON (Reuters) - British oil company BP announced on Friday an $8 billion share buy-back program, acting swiftly on its promise to reward investors after it sold its stake in its Russian unit, TNK-BP . BP, which completed the sale of the half-owned TNK-BP to Russian state oil firm Rosneft on Thursday, said the move, designed to increase the value of remaining shares, was an amount equivalent to the value of the company's original investment in TNK-BP in 2003.

Russia rebuffs Cyprus, EU awaits bailout "Plan B"

NICOSIA/MOSCOW (Reuters) - Cyprus's finance minister left Moscow empty-handed on Friday after Russia turned down appeals for aid, leaving the island to strike a bailout deal with the European Union before Tuesday or face the collapse of its financial system. The rebuff left Cyprus looking increasingly isolated, with the deadline looming to find billions of euros demanded by the EU in return for a 10 billion euro ($12.93 billion) bailout.

Japan agency: preparations for Dreamliner test flight not yet complete

TOKYO (Reuters) - Japan's Civil Aviation Bureau said on Friday that preparations are not yet complete for any test flight of Boeing Co's grounded 787 Dreamliner this week. "It's Thursday (in the United States) and nothing has been set," said Shigeru Takano, a senior safety official at the Civil Aviation Bureau (CAB). "There are a number of steps it needs to take before a test flight," he told a news briefing.

Credit Suisse CEO pay jump to fuel banker bonus debate

ZURICH (Reuters) - Credit Suisse upped the remuneration of Chief Executive Brady Dougan by one third in 2012, likely adding to public and political dismay over the scale of banker pay in a year when the Swiss bank's stock stalled. Anger at pay levels has already driven Swiss voters to back some of the world's strictest controls on executive pay, forcing public companies to give shareholders a binding vote on compensation.

Apple investors pay more for downside bets

(Reuters) - The steady slide in longtime market darling Apple Inc has brought in options investors willing to pay more for bearish bets than at any time in the last four years. Apple, with a market value of more than $425 billion, is the most valuable U.S. company. Its stock price has fallen 35.5 percent since its closing peak of $702.10 on September 19, 2012.

Canada vows balanced budget in 2015 without "slash and burn"

OTTAWA (Reuters) - Canada's Conservative government pledged on Thursday to close tax loopholes and curb spending to erase its budget deficit in time for the 2015 election, even as it committed funds to infrastructure, manufacturing and job training. The projected deficit in the fiscal year ending March 31 is roughly in line with Ottawa's previous forecast in November, at C$25.9 billion ($25.4 billion). The deficit would be about 1.4 percent of the size of the economy, compared with about 5.6 percent for the U.S. deficit.

Canada to set higher capital requirements for key banks

OTTAWA (Reuters) - Canada's federal budget laid out plans on Thursday to impose higher capital requirements on banks whose failure could disrupt the Canadian financial system and economy. Finance Minister Jim Flaherty also said the federal government would go ahead with its own capital markets regulatory framework if it cannot agree with the provinces on creating a common securities regulator.

Canada eyes 40-year-plus bonds to lock in low yields

OTTAWA (Reuters) - The Canadian government is considering imitating some its Group of Seven peers and most of its provinces in issuing bonds of 40 years or longer so it can lock in low interest rates, according to Thursday's federal budget. The government also announced it would extend a temporary increase in the issue of 10- and 30-year bonds as it shifts out of short-term government debt.

Source: http://news.yahoo.com/ca-business-summary-070705083--finance.html

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